Applying for a Mortgage Loan with us:
Talking with a mortgage loan officer at Beacon Federal Credit Union the type of mortgage loans available and the supporting documentation/requirements for getting your mortgage loan approved.
Application: You will need to fill out an application or you also may apply online if it is more convenient for you, by clicking here.
- Identification: On the application, you will need to provide identifying information about yourself, such as a Social Security number.
- Employment: A minimum of 2 years employment in the same field or if self-employed the complete filed tax returns for the last 2 years.
- Income: You will need income to repay the loan, and you will need to tell the credit union how much you owe on other debts. Your monthly payments on all debts will need to be below a certain debt-to-income ratio.
- Equity or down payment: If you are purchasing a home,you will need to make some sort of down payment(minimum 5% down payment for home purchase/10% down payment for unimproved land). If you are refinancing, you will need sufficient equity, usually measured as a loan-to-value ratio.
- Creditworthiness: Your credit score is often used to judge creditworthiness.
Supporting Documentation Needed:
- Pay stubs for the previous 30 days
- Self Employed applicants must provide 2 most recent tax returns (all pages)
- Proof of additional income, such as Social Security benefits, child support, or alimony (if applicable)
- Two most recent W2’s
- Statements for checking and savings accounts for the last two months (Non – Beacon Accounts)
- Most recent statements for retirement funds (only if listed on application)
There is nothing wrong with asking us about these requirements before you apply for your mortgage loan. A quick conversation with us can save and us some time.
After you apply and provide the required supporting documentation, one of our mortgage loan officers will review your application to see if you qualify for the loan. Once approved you will receive a pre-approval letter, which will be valid for 90 days.